Division 2 F1

No person referred to in point 1 shall participate in or otherwise influence the determination of a credit rating or rating outlook of any particular rated entity if that person:

1. (a)

   owns financial instruments of the rated entity, other than holdings in diversified collective investment schemes;

2. (b)

   owns financial instruments of any entity related to a rated entity, the ownership of which may cause or may be generally perceived as causing a conflict of interest, other than holdings in diversified collective investment schemes;

3. (c)

   has had a recent employment, business or other relationship with the rated entity that may cause or may be generally perceived as causing a conflict of interest.